HCFP/Brenner Securities Announces Investment Opinion on Enzo Biochem, Inc.

Business Editors

NOTE TO EDITORS: The following is an investment opinion issued

by HCFP/Brenner Securities

NEW YORK--(BUSINESS WIRE)--Oct. 5, 2000

HCFP/Brenner Securities Initiates Coverage of Enzo Biochem, Inc.

HCFP/Brenner Securities, a New York-based investment bank, announced today that it has initiated coverage with a Strong Buy rating of Enzo Biochem Inc. (NYSE:ENZ).

The report was prepared by Samuel (Gerszon) Gerszonowicz.

Founded in 1976, Enzo Biochem, the report comments, "is engaged in the research, development and manufacture of proprietary and innovative health care products based on molecular biology and genetic engineering techniques, and provides diagnostic services to the medical community. Enzo Biochem manufactures over 300 products utilized in various aspects of molecular biological research, specifically gene analysis and DNA labeling. The Company is also actively developing viable novel therapeutic approaches that prospectively hold promise for the treatment of such pandemic conditions as HIV and Hepatitis B infection."

Mr. Gerszonowicz adds that Enzo Biochem, Inc., is an established and profitable biotechnology company, with a strong patent estate of more than 200 patents issued and another 200 pending. The analyst indicates that Enzo's Diagnostic (Life Sciences) Division is gaining increasing presence in a genomics-focused market that is expected to expand in tandem with the technology to annual sales projected in the range of $1-$4 billion. In addition, his report comments that the Company's Therapeutics Division is developing products for target markets, including Hepatitis B (HBV) treatment, in excess of an estimated $4.2 billion annually in the U.S. and Europe; the HIV linked AIDS treatment, estimated in excess of $18 billion annually in the U.S.; and Graft versus Host Disease (GvHD) treatment market, estimated at $2.75 billion annually in the U.S. and Europe.

Samuel Gerszonowicz joined Brenner Securities in 1999 from Pauli-Johnson Research & Capital, where he was a research analyst specializing in the biopharmaceutical industry. He covers biotechnology and medical devices with special emphasis in the drug-device arena.

HCFP Brenner Securities is an investment firm that provides investment banking, research and capital markets services to clients in the healthcare, telecommunications and technology industries. HCFP Brenner and its predecessor companies have raised over $3.2 billion of capital and completed over $1.8 billion of merger and acquisition transactions from 1991 to 1998.